Pennsylvania DCED: Low-Interest Loans Support New Manufacturing Jobs

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Pennsylvania Department of Community & Economic Development

Apr 05, 2012, 02:05 ET

HARRISBURG, Pa., April 5, 2012 /PRNewswire-USNewswire/ -- New state investments approved by the Pennsylvania Industrial Development Authority (PIDA) will support the creation of 134 new jobs and the retention of 74 jobs in Monroe and Westmoreland counties.

"The Corbett administration is committed to partnering with the private sector to attract and retain jobs and investment," said Department of Community and Economic Development Secretary C. Alan Walker. "The low-interest loans approved by PIDA will support more than 200 manufacturing jobs and will result in the acquisition, renovation and construction of unused industrial space."

Northwoods Paper Converting Inc. will receive a $2 million, 15-year loan at 2 percent to acquire and renovate a 247,987-square-foot facility in East Stroudsburg, Monroe County. The company will invest over $8 million and create at least 74 new jobs in three years. In addition to the PIDA loan, Northwoods received a $1,331,300 funding offer from DCED including a $150,000 Pennsylvania First grant, $148,000 in Job Creation Tax Credits, $33,330 in job training assistance and a $1 million loan from the Machine and Equipment Loan Fund. The project was coordinated by the Governor's Action Team and the sponsoring agency is the Pocono Mountains Industries, Inc.

Aggressive Grinding Service, Inc. will receive a $599,165, 15-year loan at 2 percent to construct a 14,250-square-foot addition to its existing building in Latrobe. The company, specializing in precision grinding of super-hard materials such as carbide, alloy metals and ceramics, will create at least 60 new jobs in three years and retain an existing 74 positions. The expansion, announced in February, was coordinated by the Governor's Action Team and the Economic Growth Connection of Westmoreland County.

PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.

For more information about economic development initiatives in Pennsylvania, visit www.newPA.com or call 1-866-466-3972.

Media contact: Steven Kratz, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development